Energy top stories to 04 July 2022. OPEC daily basket price stood at $113.20/bl, 01 July 2022
OPEC+ coalition ratified an oil-production increase to return of supplies halted during the pandemic. The group led by Saudi Arabia rubber-stamped plans to add 648,000 barrels a day in August to get back to the 9.7 million barrels a day, according to reports.
Eni Rovuma Basin, on behalf of the Area 4 partners and together with ADPP, has inaugurated a school sports infrastructures at the Cidadela das Crianças community primary school in Maputo.
The project included the reconstruction of a multipurpose sports field of about 600 square meters, for the practice of sports such as basketball, futsal, volleyball and handball. It also includes a full equipped playground area for the infants.
The implementation of this project aims at developing both the educational abilities and physical skills of the students with the purpose of improving the school´s educational achievements and reduce the dropout rates. The inclusion of sports activities in the curriculum will permit inclusive, equitable and quality education, furthermore contributing to the expansion of learning opportunities.
These infrastructures will benefit around 500 students from Cidadela de Crianças ADPP and all children residing in the surrounding communities. Through this initiative, Eni Rovuma Basin aims to contribute to the achievement of UN Sustainable Development Goal (SDG) 3 – Good health and well being, and SDG 4 – Quality education.
This initiative is part of the implementation of sustainability plans of the Coral South project, approved by the Government of Mozambique. Read More
Three Ship-to-Shore cranes and 10 Rubber-Tyred Gantries critical to the commencement of operations of the 1.5 billon Lekki Deep Seaport arrived in Nigeria on Friday.
The News Agency of Nigeria(NAN) reports that operations at the Deep Seaport are expected to commence in September. Their arrival, according to Mr Mohammed Bello-Koko, Managing Director of the Nigerian Ports Authority(NPA), represents a major step toward birthing Nigeria’s first Deep Seaport. NAN reports that the vessels came from Hong Kong. Read More–>
Vestas has secured a 261 MW order for the Serra das Almas wind park, which is located at the municipality of Urandi, in the state of Bahia.
The order, placed by long-term customer EDF Renewables in Brazil, includes the supply and installation of 58 V150-4.5 MW wind turbines as well as 28-year Active Output Management (AOM 4000) service agreement, Vestas’ longest-term AOM in the country.
“We are delighted to engage once more in a new project with EDF Renewables, underling the strong partnership we have globally and our shared vision for a sustainable future and accelerating the energy transition in Brazil”, says Eduardo Ricotta, president of Vestas in Latin America.
“The partnership with Vestas is essential for the construction of our new undertaking in Bahia. Serra das Almas reinforces EDF Renewables´s ambitions in Brazil and our commitment towards carbon neutrality”, said André Salgado, CEO of EDF Renewables Brazil.
Vestas leads the Brazilian wind market with nearly 1,400 turbines for more than 5.4 GW wind energy operating throughout the country. Read More
Golar LNG Limited (“Golar”) announces today that it has sold to Cool Company Ltd. (“CoolCo”) the management organization responsible for the technical and commercial management of LNG carriers, and the provision of such services to third parties, as contemplated in the January 2022 Cool Company Ltd. formation update. CoolCo paid the previously agreed purchase price of $5 million in cash for the shares plus $1.5 million in working capital. As part of the transaction, approximately 600 maritime and office-based personnel became CoolCo employees.
Today, Richard Tyrrell also assumed his position as CEO of CoolCo, replacing Interim CEO Karl Fredrik Staubo. Read More
A team of MIT researchers is investigating a radical method for countering the effects of climate change, a press statement reveals.
They propose to use a fleet of “space bubbles” to reflect sunlight away from Earth.
As we all know, such crazy ideas wouldn’t even be on the table if humans had drastically curbed their use of fossil fuels years ago — but here we are.
While some scientists warn that geoengineering is a dangerous distraction from the true work needed to cut emissions, others say we need to assess all options. That’s where the MIT team’s space bubbles come in.
The MIT team’s method is a novel form of solar geoengineering, which is designed to reflect sunlight away from Earth so as to cool our planet and prevent the worst effects of climate change. The most widely studied solar geoengineering technique involves injecting reflective aerosol particles into the upper atmosphere. However, the potential negative impact of such a method is not yet fully understood, meaning it is far from being seen as a viable option. Read More
Octopus Energy Generation’s fund management team acquired the Borssele V offshore wind farm, operated by Eneco. It consists of two large Vestas wind turbines – each as tall as the Gherkin building in London – located in the Dutch North Sea. These are the largest turbines in Octopus’ portfolio. It is part of the Borssele wind farm zone which is made up of five wind farms with a combined total capacity of 1.5 GW.
The 19 MW capacity Borssele V wind farm has been operational since 2021. Dutch green energy company Vandebron is the offtaker, supplying the green power generated by the wind farm to customers in the Netherlands. The wind farm creates enough energy to power 25,000 homes a year, offsetting 16,000 tonnes of carbon emissions – the same as taking 10,000 petrol cars off the road. Read More
The Indian government imposed a windfall tax of Rs. 66,000 crore on locally produced crude oil on Friday after some refineries generated “phenomenal profits” by exporting petrol and diesel at the expense of domestic supplies.
A Rs 6 per litre tax on export of petrol and Aviation Turbine Fuels and Rs 13 per litre tax on export of diesels effective from July 1, finance ministry notifications read. Additionally, a Rs 23,250 per tonne tax was levied on crude oil produced domestically, which at last year’s production level of close to 29 million tonnes translates into annual revenue of Rs 66,000 crore to the government. The export tax is to deter companies such as Reliance Industries and Rosneft-based Nayara Energy from preferring overseas markets over domestic supplies. Given reasons for the introduction of the new levies, Finance Minister Nirmala Sitharaman said “phenomenal profits” earned from abnormal prices that refiners earned from shipping overseas led to the new taxes. More
Zaptec partners with software company Monta
The partnership is among the first of its kind where a hardware manufacturer teams up with a software provider to deliver ready-out-of-the-box charge points to EV drivers, businesses and housing unions. It’s a giant step towards making EV charging as seamless as possible.
“By having our future-proof quality hardware powered by Monta, a company solely focused on EV charging software, Zaptec owners can now gain full control over access, usage, pricing, payment, and availability to their charge points, as well as access to features such as virtual queueing and charge point reservation. Zaptec Park is a complete game changer and will remove many of the barriers EV drivers face today,” says Peter Bardenfleth-Hansen, CEO of Zaptec.
Besides removing well-known friction points, Zaptec owners can set their charge points public and charge a fee for usage. By leveraging this semi-public network, charge point owners can expand the EV charging network and help lay the ground for a scalable yet sustainable EV infrastructure. Read More
A fire has been reported at Mongstad. The incident was reported today at 5:46 CET to Equinor’s emergency response organisation. The plant has been evacuated apart from critical personnel handling operations and emergency response. No personnel injuries are reported.
Public rescue services and authorities have been notified and Equinor’s emergency response organisation has been mobilised.
A controlled burning of trapped volumes through pressure relief is being conducted, with continuous cooling of the surrounding equipment.
The main plant is still in operation, but parts of the plant involved in production of some refined products are affected.
The emergency response organisation is in continuous contact with rescue services and other relevant authrorities in handling the incident. The situation is being handled by the emergency response organisation. A controlled combustion has been conducted from the leakage point. The fire is now extinguished.
The work to maintain and secure the affected system continues. Further examinations and any repairs will be conducted before the affected part of the processing plant can be restarted. Read More
Subsea 7 S.A. (Oslo Børs: SUBC, ADR: SUBCY) announced transactions made in accordance with its share repurchase programme during the week commencing 27 June 2022.
Date on which the share repurchase programme was announced: 25 July 2019, with a two-year extension announced on 16 April 2021.
The duration of the share repurchase programme: until 14 April 2023.
In the period from 27 June 2022 until 01 July 2022 Subsea 7 S.A. has repurchased a total of 282,469 own shares at the Oslo Stock Exchange at an average price of NOK 77.6025 per share. Read More
| Oil and Gas Blends | Units | Oil Price $ | change |
| Crude Oil (WTI) | USD/bbl | $108.10 | Up |
| Crude Oil (Brent) | USD/bbl | $111.46 | Up |
| Bonny Light | USD/bbl | $118.06/td> | Down |
| Saharan Blend | USD/bbl | $117.77 | — |
| Natural Gas | USD/MMBtu | $5.72 | Up |
| OPEC basket 01/07/22 | USD/bbl | $113.20 | Down |
US State regulators this week imposed but then suspended a $2.21 million fine for rule violations by two oil and gas companies in Rio Blanco County, including for gas and oil leaks, and it expects to add their combined 100-plus wells to its orphan well list for plugging and surface reclamation.
The Colorado Oil and Gas Conservation Commission took the action in connection with Lasso Oil & Gas LLC and 31 Operating, which both have the same Texas address and the same designated agent, Kris Freeman. Combined, the two companies have 106 wells, almost all of them in Rio Blanco County. Read More
Repsol and Kraft Heinz have reached a long-term virtual power purchase agreement (VPPA) under which the Spanish multi-energy company will supply 100% renewable electricity generated by 34.2 MW of capacity. This is the first wind energy investment signed by the multinational food and beverage company, one of the largest in the world.
The 12-year VPPA is linked to one of the Delta II wind farms, Repsol’s largest renewable project to date. It is already under development and, once completed, will have a total capacity of 860 MW distributed among 26 wind farms located in the northern Spanish region of Aragon.
The contract will contribute to Kraft Heinz’s goals of obtaining the majority of the electricity it consumes from renewable sources by 2025 and halving its greenhouse gas emissions by 2030. This VPPA is equivalent to supplying electricity to 90% of Kraft Heinz’s European production sites. Read More
The U.S. Department of Energy (DOE) issued a Request for Information (RFI) seeking public feedback to inform the Bipartisan Infrastructure Law’s nearly $630 million in investments in hydropower facilities. President Biden’s Bipartisan Infrastructure Law invests in the “Maintaining and Enhancing Hydroelectricity Incentives” and “Hydroelectric Efficiency Improvement Incentives” programs to modernize the nation’s hydropower facilities and produce more clean, affordable power. The funding will cover capital improvement projects that will make hydropower facilities more energy efficient and resilient. Water is a critical resource for generating clean, carbon-free electricity and crucial to reaching President Biden’s goal of a net-zero emissions economy by 2050. Read More
More than two dozen crew on an engineering [reportedly an offshore wind] vessel [Fujing 001] with 30 people on board were missing after it snapped in two in waters off Hong Kong as tropical storm Chaba passed through, authorities said.
Three crew members were rescued, and search and rescue operations were continuing for others about 300 km (200 miles) southwest of the city, the Hong Kong Government Flying Service said. Read More
Vår Energi enters strategic supplier partnership with Aker
Vår Energi ASA (OSE: VAR) enters a strategic partnership with Aker Solutions AS, Havfram AS and Saipem S.A for SPS/SURF deliveries, in preparation for record high activity level on the Norwegian Continental Shelf (NCS).
The strategic partnership with Aker Solutions, Havfram and Saipem covers fabrication, delivery, and installation of subsea production equipment for all Vår Energi operated assets and projects on the NCS. Read More
International Rig Count is up 7 rigs from last month to 824 with land rigs down 3 to 621, offshore rigs up 10 to 203.
U.S. Rig Count is down 3 from last week to 750 with oil rigs up 1 to 595, gas rigs down 4 to 153 and miscellaneous rigs unchanged at 2.
Canada Rig Count is up 12 from last week to 166, with oil rigs up 5 to 109, gas rigs up 7 to 57.
| Region | Period | Rig Count | Change |
| U.S.A | 01 July 2022 | 750 | -3 |
| Canada | 01 July 2022 | 166 | +12 |
| International | June 2022 | 824 | +7 |
Aker Solutions Wins 5-Year Partnership Agreement With Vår Energi
Aker Solutions has been awarded a strategic partnership agreement with Vår Energi to deliver subsea production systems for all upcoming subsea projects for the next five years, for all Vår Energi operated assets and projects on the Norwegian Continental Shelf (NCS). The agreement has an option to be extended for a further 2+2 years. The scope of the agreement includes the full range of equipment and services to deliver complete subsea production systems, including umbilicals, all based on Aker Solutions’ standard product portfolio. It also includes front-end engineering and design work (FEED) for the upcoming field developments. The work under the frame agreement is expected to start during 2022. Read More
Lime Petroleum AS (“Lime”) announced that it has on 30 June 2022, signed an agreement with Vår Energi to farm down by 10 percent, Lime’s 40 percent interests in licences PL820 S and PL 820 SB in the North Sea.
Lime had on 14 April 2022, signed an agreement to acquire MOL Norge AS’s 40 per cent interests in the said licences. The transfers of the interests are pending regulatory approval and corporate approval from Vår Energi, and will be announced upon completion. Lime will hold 30 per cent interests in the two licences when the transfers of interests are completed. The PL820 S and PL820 SB licences with the Iving and Evra discoveries, lie on the Utsira High area adjacent to the giant Vår Energi-operated Balder field, and just north of PL818 Orkja andPL867 Gjegnalunden, in which Lime has 30 per cent and 20 per cent interests respectively. Read More
OilandGasPress Energy Newsbites and Analysis Roundup |Compiled by: OGP Staff, Segun Cole @oilandgaspress.
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